CBG launches loan program for entrepreneurs with disabilities in Ghana
In Ghana, Consolidated Bank Ghana Limited (CBG) has launched a special loan program for entrepreneurs with disabilities. The initiative is intended to expand their access to formal lending while adhering to responsible lending standards, MyJoyOnline reports.
CBG Managing Director Dr Naomi Wolali Kwetey announced the program on September 11 during the bank's disability conference at the Du Bois Centre in Cantonments. She addressed the event via Zoom. The conference was attended by deputy managing directors, representatives of the bank's management, the Korklu Foundation, CBG staff, program participants, beneficiaries, and media representatives.
Opening accounts and access to credit
CBG previously enrolled 119 participants in its financial inclusion program for people with disabilities. The bank funded the minimum opening balances for their accounts and provided approved waivers of service charges.
According to Kwetey, account ownership alone does not ensure full financial inclusion. The new program is intended to enable entrepreneurs with disabilities to obtain loans on terms that take into account some of the challenges faced by businesses operating outside the traditional formal economy.
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Funding will be provided in the form of loans rather than grants. CBG believes this approach will help participants enter the formal credit system, build relationships with the bank as borrowers, and meet their repayment obligations.
Concessional terms and credit safeguards
The program provides concessional financing terms and specific exemptions from requirements that could rule out lending to viable informal businesses. At the same time, CBG said it would not abandon key safeguards: borrower assessment, transparency, responsible lending, and accountability.
The initiative also combines financial literacy, access to concessional financing, and ongoing business support. The bank plans to assess it not only by the number of loans issued, but also by the sustainability of participating businesses, the quality of their relationships with the bank, responsible loan repayment, and clients' confidence in using formal financial services.
CBG intends to develop partnerships and expand responsible access to financing for businesses owned by people with disabilities across Ghana.
